Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Volterra Semiconductor (Nasdaq: VLTR) popped 20% in intraday trading today after reporting better-than-expected earnings.

So what: Non-GAAP EPS of $0.28 trounced the consensus estimate of $0.23 and rose 62% year over year. Revenue grew 4% year over year. GAAP EPS fell 41% to $0.20, driven by higher cost of goods sold as well as selling, general, administrative, and litigation expenses.

Now what: The CEO noted that Volterra's integrated power technology gained significant traction in the notebook market while its server business resumed sequential growth. The notebook traction could drive share gains and higher revenue and profits in the future while the growth in the server business could bode well for customer Hewlett-Packard (NYSE: HPQ), which reports earnings in August. But at a GAAP P/E ratio of 35 times, Volterra's stock looks pricey.

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Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.